Samuelson and Messenger SM began 2018 with 360 units of its

Samuelson and Messenger (S&M;) began 2018 with 360 units of its one product. These units were purchased near the end of 2017 for $25 each. During the month of January. 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 units on hand at the end of the month. S&M; uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. Complete this question by entering your answers in the tabs below Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. Cost of Goods Available for Sale Inventory Balance Cost of Goods Sold -January 10 Cost of Goods Sold - January 25 It nits | Cost per | Goods |#osoldt unit Perpetual EQ Cost of Cost of | # of units | Cost per | Ending #of Cost of #of Cost per | Goods Cost per Goods sold |# of units l cost per | | in ending! Goods Goods |inventory unit- | Inventory units unit Available forsole sold unit Sold Sold inventory Sale 360 $ 25.00 9,000140 2500 3,500 Beg Inventory Purchases 220 $ 2500S 5,500 140 25.00 3,500 January 8 180 28 00 5040 January 19 28 00 30 00 28 00 30.00 28.00 .5003000 220 10,800 Total 900 24,840 140 S 5.500 140 S 3,500 Required 2>

Solution

Notes:

Average unit Cost= Total cost of inventory/ Total number of units

Since table for 2nd requirement is not visible. Please arrange it accordingly

	Calculation of inventory and Cost of goods sold
	FIFO method
Perpetual FIFO	Cost of goods Available for sale	Cost of goods sold -January 10	Cost of goods sold -January 25	Inventory Balance
	No of units	Cost per unit	Cost of goods avaibale for sale	No of units	Cost per unit	Cost of goods avaibale for sale	No of units	Cost per unit	Cost of goods avaibale for sale	No of units	Cost per unit	Cost of goods avaibale for sale
Beg Inventory	360	$25	$9,000	140	$25	$3,500	220	$25	$5,500	140	$28	$3,920
Purchases						40	$28	$1,120	360	$30	$10,800
8-Jan	180	28	$5,040
19-Jan	360	30	$10,800
Total	900		24840	140		3500	260		6620	500		14720
	Calculation of inventory and Cost of goods sold
	Average Cost method
	Purchases	Cost of Goods sold	Inventory
Date	Quantity	Unit Cost ($)	Total Cost ($)	Quantity	Unit Cost ($)	Total Cost ($)	Quantity	Unit Cost ($)	Total Cost ($)
Beg Inventory	360	$25	$9,000				360	$25	$9,000
8-Jan	180	28	$5,040				360	$25	$9,000
							180	28	$5,040
							540	$26	$14,040
10-Jan				140	$26	$3,640	400	$26	$10,400
19-Jan	360	30	10800				400	$26	$10,400
							360	30	10800
							760	27.89	$21,200
				260	27.89	7251.4	500	27.89	13945